Managers of Wealth Offshore

Cayman Islands economic substance requirements - an overview

Entities which claim tax residency outside the Islands must submit an annual return declaring their Relevant Activities

Important updates to the BVI trust legislation ensure that it remains a leading jurisdiction of choice for international high net worth families

The power only applies where a trust has opted in (either in the trust instrument or in the deed changing the governing law to BVI, if applicable).

Economic Substance Update Q1 2021

The amended forms came into effect on 15 December 2020 for all new registrations, and all declarations due by 31 January 2021 would have been submitted in the new format.

What to consider when investing in a Golden Visa

Most nations offer a number of options ranging from non-refundable government fund contributions, the rental or purchase of real estate, donations to a non-profit organisation, government bonds, investment into company shares or intellectual property, a f

UBS Faces $3.6 Billion Bill Even as French Seek Tax-Fine Cut

It was emblematic of a French crackdown on tax evasion that has focused on big banks from HSBC Holdings Plc to Credit Suisse Group AG, who investigators believed encouraged such behavior by its citizens.

Tavistock shuns £15m takeover attempt

In a regulatory filing published this morning (March 23), TEAM stated: “The board of directors of TEAM believes that Tavistock shareholders deserve the opportunity to decide on the merits of any offer."

Cayman Islands alternative investment fund structuring and regulatory considerations

Once the appropriate form of AIF vehicle has been determined, the liquidity rights will define the appropriate path to registering the AIF

Walkers Advises Venture Capital Firm Openspace Ventures on its Launch of Third Southeast Asia Fund

The Walkers team was led by Singapore-based Timothy Stevens

Launch of myRegistry Reinforces Jersey’s Role in Global Transparency Agenda

The launch of the Jersey Financial Services Commission’s new fully digital online registry has been welcomed by Jersey Finance as an illustration of the jurisdiction’s progressive approach to governance and fighting financial crime.

Proposed annual leave increase and daily rest breaks for employees in in Jersey

A 15-minute rest break in any work period of six hours or more

Financial Conduct Authority refuses to hand over Neil Woodford probe to independent investigator

Wealth manager St James’s Place ended its contract with Woodford to manage three of its funds.

Digital identity for online govt services expanding with launches and new plans on four continents

Delaware launches Idemia mobile driver's licenses, Bluink's eID-Me now available across Canada

AML: EU blacklisting of Cayman to come next

The EU last year changed the methodology for its list of high-risk third countries that are deemed to have strategic deficiencies in their anti-money laundering and counter-terrorism financing regime.

FATF issues Guidance on the risk-based approach for AML/CFT Supervisors

The Guidance notes that Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervisors play an essential role in protecting the financial system

OfReg issues regulatory framework for local internet exchange points

The main purpose of an IXP is to enable networks to interconnect directly rather than via one or several third-party networks. This reduces cost, latency and the need for bandwidth.

Groundbreaking New Provisions in Variation of BVI Trusts

This amendment has been made by the Trustee (Amendment) Act, 2021 which adds a new section, 58B, to the BVI’s Trustee Act.

Five development projects worth RM9.63 mln for Labuan in 2021

The new project for this year will be the new cell sanitary landfill and upgrading works on the leachate treatment plant worth RM2 million, revised from the estimated cost of over RM31.68 million.

Establishment of Manx Development Corporation Approved by Tynwald

The proposals to Tynwald included the provision of a Council of Ministers sub-committee, the ‘Brownfield Regeneration Steering Group’

£550,000 fine for Jersey trust company demonstrates importance of effective and consistent anti-money laundering procedures

LGL established the partnership and incorporated two Jersey companies to act as limited and general partner.

Offshore Business Update: British Virgin Islands

The British Virgin Islands (BVI) Government has taken proactive measures which are designed to control, suppress and prevent the spread of COVID-19 by restricting access to the BVI and encouraging social distancing.

Regulation, Risk & Compliance